National Bank: Inflation remains major problem for economic development
The Governor of the National Bank of Kazakhstan, Timur Suleimenov, commented on the situation with inflation on the sidelines of a joint session of the chambers of the Kazakh Parliament in Astana, Kazinform News Agency reports.
“Inflation [Ed.note: in Kazakhstan] is quite high - 12%, and in this regard, a lot of work lies ahead for both the National Bank and the Government, as well as akims (heads of local administrations),” he noted.
According to him, inflation today remains ‘one of the major problems of economic development and the well-being of citizens’. Therefore, Suleimenov highlighted, the fight against rising prices ‘should constantly be an unconditional priority, but especially during this period’.
The Governor of the National Bank recalled that the regulator has already discussed the key instruments used to reduce inflation.
“We have recently talked about the main instrument - the base rate, as well as additional instruments we will use to combat inflation,” he said.
He added that to stabilize inflation expectations and reduce inflation the National Bank will maintain moderately strict monetary policy for a long time.
Earlier, it was reported that Kazakhstan’s National Bank preserved the base rate at 16.5%.